Explain the meaning of 'Offer Period' and 'Tendering Period' under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · June 2023
Explain the meaning of 'Offer Period' and 'Tendering Period' under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Answer & Explanation:
According to Regulation 2(1)(p) of the SEBI (SAST) Regulations, 2011, 'Offer Period' means the period between the date of entering into an agreement, formal or informal, to acquire shares, voting rights in, or control over a target company requiring a public announcement, or the date of the public announcement, as the case may be, and the date on which the payment of consideration to shareholders who have accepted the open offer is made, or the date on which open offer is withdrawn, as the case may be. According to Regulation 2(1)(za) of the SEBI (SAST) Regulations, 2011, 'Tendering Period' means the period within which shareholders may tender their shares in acceptance of an open offer to acquire shares made under these regulations.
Topics: Takeovers
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